Hapag-Lloyd has announced that the CADE has approved its transaction with CSAV unconditionally.
The company has said it welcomes the unconditional clearance under Brazilian merger regulations for the planned integration of the container shipping activities of Compañía Sud Americana de Vapores (CSAV) into Hapag-Lloyd.
Hapag-Lloyd and CSAV signed a binding business combination agreement back in April 2014, the implementation of which is subject to the approval of regulatory authorities. Among others, the Department of Justice of the United States, the European Union (EU) and Chile have already cleared the planned transaction. Approvals of a few jurisdictions are still pending.
The transaction will make Hapag-Lloyd the fourth largest container shipping company in the world, with some 200 vessels, an annual transport volume of 7.5 million TEU and a combined turnover of around nine billion Euro.